Bengaluru-based EV manufacturer Ultraviolette recently announced plans for a new manufacturing facility in Hosur to increase production capacity up to 5 lakh units a year. The company has now received USD 85 million in a new funding round. The additional capital and the new factory are expected to boost the manufacturing of its current products, the F77 (Mach 2 and Superstreet) and X-47, as well as the development of upcoming platforms and products.
- The USD 85 million funding was led by deep tech fund Yali Capital and TDK Ventures
- New Hosur plant expected to increase production capacity up to 5 lakh units a year
- Ultraviolette currently has the means to build battery architecture ranging from 48V to 400V
Ultraviolette plans expansion in India and abroad
Four new products and US entry planned for next year
Currently, Ultraviolette operates in India and 20 European countries. With the fresh round of investment, the company has targeted a US market entry next year, alongside key markets in Latin America and Southeast Asia. The USD 85 million funding round was led by deep tech fund Yali Capital and TDK Ventures, and saw investments from Lip-Bu Tan, chief executive officer of Intel, chairman of Walden International and advisor to Ultraviolette, alongside the company’s current and long-term investors. UV says the new and continued support from the investors will help scale production of its current portfolio as well as upcoming products.
The investment will also help with the development of UV’s next generation of models. The company currently boasts technical capabilities to build battery architecture spanning 48V to 400V, which it says allows for engineering platforms catering to different needs. Its current list of investors includes Zoho Corporation, TVS Motor and Qualcomm Ventures. Besides India, UV currently operates across Europe, including Germany, France, Spain, Portugal, the UK, Belgium, the Netherlands, Italy, Switzerland and Hungary.